Advance Developing Markets Fund Limited announces that its unaudited Net Asset
Value (NAV) as at the close of business on 22 January 2010 was as follows:


              Net Assets         (millions)   NAV per ordinary share



  Undiluted   £305.8                          463.80p



  Diluted     £341.3                          436.86p




Notes:

The above NAV figures are based on 65,940,247 ordinary shares and 12,180,757
subscription shares in issue.

Investments in the Company's portfolio have been valued on a bid price basis in
the above calculations.

The above NAV figures include current financial year revenue items.

Diluted net assets and NAV assume full conversion of all outstanding
subscription shares to ordinary shares at the subscription price of 291.0p per
share


[HUG#1377886]